NTG » Topics » Between NATCO Group Inc. and Patrick M. McCarthy
These excerpts taken from the NTG 10-K filed Mar 17, 2008.
Between NATCO Group Inc. and Patrick M. McCarthy
Patrick M. McCarthy
Three years (expiring December 31, 2010)
President and Chief Operating Officer of NATCO Group Inc.
Chief Executive Officer of NATCO Group Inc.
Annual Base Salary:
Employees annual base salary shall not be less than $400,000.
Employee will be eligible to participate in the 2008 NATCO Group Inc. Annual Bonus Plan or any appropriate replacement bonus plan of Company or National Tank Company. All bonuses are discretionary and shall
be paid in accordance with the terms and provisions of the applicable plan. The annual targeted incentive is 70% of the annual base salary.
Employee shall receive reimbursement for actual monthly expenses associated with the lease of, maintenance, repairs, gasoline and insurance for an automobile of Employees choosing
Long Term Incentives:
Employee is eligible to participate in any long-term incentive plans as recommended and approved by the Governance, Nominating and Compensation Committee of the Board of Directors of NATCO Group Inc. In the
event of a Change of Control as defined in Article 3, Section 3.6(e), accelerated vesting shall occur on the Change of Control date for all unvested options under any award grants that have not otherwise expired; provided, however, that if such
acceleration would apply in the case of any option that is subject to Section 409A of the Code or would cause any such option to become subject to Section 409A of the Code, such acceleration shall occur only if the Change of Control
constitutes a change of ownership or effective control of the Company or a change in ownership of a substantial portion of the Companys assets within the meaning of Treas. Reg. § 1.409A-3(i)(5).
Employee shall receive four weeks of paid vacation per year accrued on a bi-weekly basis.
Authorized to continue to participate on Board of Director assignments provided that there are no conflicts of interest and it is otherwise approved by the NATCO Group Inc. Audit Committee.